Thursday, 12 June 2008

Mortgage approvals down 37 percent

No mortgages, no sales.

The council of mortgage lenders reports:

"There are clear signs of lenders tightening lending criteria in the face of ongoing funding constraints and a softer house price outlook. The average first-time buyer put down a deposit of 13% in April, which is the highest level in over 3 years. First-time buyers typically took out loans for 3.3 times their income, down from 3.35 in March. The average home mover loan was 2.96 times their income, down from 3 in March."